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Highlights:
- Ecora joins FTSE UK SmallCap and All-Share Indexes, effective 23 December 2024.
- Producing royalties show progress, including Voisey’s Bay transition to underground mining and Mantos Blancos throughput ramp-up.
- Development projects advance, with significant milestones at Piauí Nickel and Amapá Iron Ore.
Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) has provided a comprehensive update on its royalty and stream portfolio projects, alongside the announcement of its inclusion in the FTSE UK SmallCap Index and FTSE UK All-Share Index, effective 23 December 2024.
Inclusion in FTSE Indexes
The move to the FTSE indexes marks a significant milestone for Ecora, enhancing its visibility within the investment community and reaffirming its position as a leading royalty and streaming company.
Producing Royalties Show Robust Progress
Voisey’s Bay Expansion
Vale Base Metals has completed its transition from open-pit to underground mining at the Voisey’s Bay mine, significantly boosting cobalt production. With an average production target of 2.60 kilotonnes per annum, Ecora is entitled to 22.82% of the output, translating to expected deliveries of 280 to 392 tonnes in 2025 as operations ramp up.
Mantos Blancos Ramp-Up
At the Mantos Blancos copper mine, Capstone Copper Corp reported improvements in ore throughput as part of its expansion efforts. The feasibility study for a Phase II expansion, which aims to increase processing capacity to 27,000 tonnes per day, is slated for completion by 2025.
Maracás Menchen Mine Longevity
Largo Inc’s updated life-of-mine plan for the Maracás Menchen mine extends its operational life by 13 years to 2054. Ecora holds a 2% net smelter return royalty on this project, with reserves increasing by 67%.
Advances in Development Projects
Piauí Nickel Project
At the Piauí nickel project, Brazilian Nickel Limited secured a letter of interest from the US International Development Finance Corporation for a $550 million loan facility, representing 40% of the required financing. Ecora holds a 1.65% gross revenue royalty on the project, which continues to make significant progress.
Nifty Copper Mine
Cyprium Metals’ pre-feasibility study for the Nifty copper mine outlined plans for dual processing plants. The initial cathode project targets six kilotonnes of copper annually over four years, with a larger concentrate project set to average 38.70 kilotonnes per year over the first decade. Ecora holds a 1.5% realised value royalty on this venture.
Amapá Iron Ore
Cadence Minerals updated the pre-feasibility study for the Amapá iron ore project, reporting a 73% increase in post-tax net present value to $1.97 billion. The mine targets production of 67.5% DR-grade iron ore concentrate at an average rate of 5.50 million metric tonnes annually. Ecora benefits from a 1% gross revenue royalty on the project.
Outlook and Strategic Positioning
Ecora’s portfolio continues to deliver robust results, supported by strategic partnerships and operational advancements. The company’s inclusion in the FTSE indexes and its diverse portfolio of producing and development projects position it strongly for sustained growth in 2025 and beyond.
